There’s never been a better time for Australian businesses to explore investment opportunities in Thailand and Laos.
Dynamic industries and robust government support are driving activity in these bustling economies. There are significant investment opportunities for Australian corporates, particularly in manufacturing, logistics and infrastructure.
The Southeast Asia Investment Deal Teams’ business mission to Thailand and Laos from 8–11 October delved into these opportunities. The delegation included senior government leaders and 17 delegates from 12 leading Australian companies.
The mission marked the first anniversary of Invested: Australia’s Southeast Asia Economic Strategy to 2040, produced by Australia’s Special Envoy for Southeast Asia Mr Nicholas Moore AO. Australian Prime Minister Anthony Albanese hosted a breakfast in Laos to celebrate the anniversary and launch the Advancing Implementation report. The report provides an update on progress in the year since Invested was launched.
Mr Moore jointly led the mission with Linfox International Group Executive Chairman Peter Fox AM and AgCoTech Executive Chairman Charles ‘Chick’ Olsson, in their capacity as Business Champions for Thailand and Laos respectively.
Austrade CEO Xavier Simonet and Export Finance Australia CEO John Hopkins also joined the mission. Dr Angela Macdonald PSM, Australia’s Ambassador to Thailand and Ms Megan Jones, Australia’s Ambassador to Laos, also joined the delegates in their respective countries.
Engaging with Thailand’s thriving manufacturing hub
The mission’s first 2 days provided the delegation with a deep dive into Thailand’s economy. It was also an opportunity to engage with its well-established and expanding manufacturing sector.
‘Australia’s economic partnership with Thailand is important and growing,’ says Mr Moore. ‘The Thai Government’s economic priorities align with Australia’s, and we could see the links from last week’s Australian business mission on green economy, and a digital economy-focused business mission in August.’
The delegation received high-level market insights from experts in government and the private sector. They engaged in various business meetings and networking sessions, allowing them to expand connections and have firsthand experience of Thailand’s manufacturing scene.
Highlights included:
- a fireside chat with Peter Fox AM, where he shared with delegates his 6 key lessons on doing business in Thailand
- a business-matching lunch with the Federation of Thai industries (FTI), a private body representing Thai industry to government and international partners
- a site visit to ANCA’s advanced manufacturing facility, where delegates heard why the company chose Thailand as its first global production base in 2005.
Linfox has been operating in Thailand for over 30 years. The country is Linfox’s single largest operation in Southeast Asia.
‘There is enormous untapped potential for Australian businesses throughout this region,’ says Peter Fox. ‘Australian companies need to be working collaboratively across business enterprises to build upon the win-win opportunities here.’
Delegates also attended the Australia-Thailand Investment Forum and networking reception, with Thailand’s Board of Investment and representatives from the Eastern Economic Corridor (Thailand’s special economic zone). Senior executives from Thailand’s conglomerates and large Southeast Asian companies were also at the reception.
The delegation with Dr Angela Macdonald PSM, Australia’s Ambassador to Thailand (second from left), and staff from Austrade and the Department of Foreign Affairs and Trade.
Tapping into Laos’ emerging investment opportunities
The Laotian economy is expected to grow by 4% this year, fuelled by a recovery in tourism, transport and logistics, and investment in the power sector and special economic zones.
Over the 2-day program, the delegation received briefings from the Lao government and experts from:
- Ministry of Planning and Investment
- Ministry of Industry and Commerce
- Asian Development Bank
- International Finance Corporation
- Partnership for Infrastructure
- AustCham Lao.
The delegation also attended the ASEAN Business and Investment Summit 2024 (ABIS), meeting with industry leaders in finance and manufacturing. Key events during the visit to Laos included:
- an infrastructure development and regional connectivity session at International Symposium on ASEAN Logistics Connectivity
- a business lunch with representatives from Laos’ banking and financial sector
- a site visit to the Vientiane Industrial and Trade Area (VITA) Park, one of Laos’ five special economic zones (SEZs), and a tour of MASCOT Workwear’s factory
- a launch event for the Laos Doing Business Guide hosted by Asialink Business
- a networking function with Lao conglomerates, Australian businesses in Laos and Lao government officials
- a breakfast event hosted by Australian Prime Minister Anthony Albanese.
Next steps
Investment Deal Teams in Australia and Southeast Asia will work closely with investors and stakeholders to support their investment journeys.
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